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How did the International Monetary Fund evaluate the performance of the economy of Kuwait and Oman?

The IMF's semi-annual report on comic states and the Maldives, issued by the Office of the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, said that a team of IMF employees held virtual discussions with Kuwait on April 4 and 8, 2021.


The staff concluded that the authorities have acted swiftly and decisively to address the health and economic impacts of the COVID-19 pandemic, although the challenges remain significant.


The report added that a gradual recovery is expected in 2021, supported by the recovery of domestic and foreign demand, as vaccination operations continue.


Experts praised the Central Bank's continuous proactive monitoring of credit risks and the efforts made to strengthen the regulatory and supervisory frameworks aimed at enhancing financial stability.


Regarding the Sultanate of Oman, the report indicated that IMF experts conducted a hypothetical mission to Oman from 17 to 31 January 2021 to review economic developments, discussions focused on the impact of COVID-19, the related oil price shock, and policy priorities during the recovery phase and beyond.

He added that a rapid and well-coordinated response limited the spread of the coronavirus in the latter part of 2020, but social distancing and other restrictions affected economic activity.


Significant measures have also been implemented to mitigate the impact of COVID-19 and oil sector shocks on households, companies and banks, as the authorities announced an ambitious medium-term plan to adjust fiscal conditions and broad reforms in the public sector.